Cezur and Cirsa Report Third-Quarter Results

Cezurs financial performance in the third quarter was negatively affected, as reported by iGB.

The firm disclosed that its earnings and operational profits declined compared to the same period in the previous year. This downturn was primarily attributed to limitations imposed on their physical operations due to the COVID-19 pandemic.

Cezur’s income for the three-month period ending September 30 amounted to €232.8 million, representing a 40.7% reduction from €392.3 million during the same period in the previous year. The company acknowledged that they are still experiencing the consequences of COVID-19 measures.

However, there are signs of improvement compared to the initial six months of the year. Revenue increased by 450.4% from €42.3 million in the second quarter.

The company refrained from providing specific details regarding its financial performance in the third quarter, but they did mention that operating profit reached €37.5 million. This represents a 68.1% year-on-year decline, but it is an improvement from the €51.4 million loss incurred in the second quarter.

Cezur emphasized the reopening of the hotel and land-based gaming industries in Spain and Italy as a key factor contributing to the third quarter’s performance. The gradual reopening of venues in Latin America also played a positive role.

Cezur stated that their casinos in Spain, along with those in the Dominican Republic and Colombia, are beginning to recover. They are observing high visitor numbers at their establishments.

Cirsas enterprise has been revived by the reopening of hotels and eateries, along with the enactment of restart strategies, even though the company asserts that all market operations have been affected by COVID-19 restrictions.

Gaming machines also profited from the debut of two new models, Manhattan and Pharaoh Gold. The introduction of these new machines also permitted Cirsa Unidesa’s B2B division to resume normal activities.

In the meantime, operations in Italy resumed in early July, allowing Cirsa to progressively resume entertainment activities for gaming machines, video lottery terminals, and arcades. In Mexico, Cirsa was able to reopen its land-based venues but faced strict operating hours and capacity restrictions.

Cirsa kept all its bingo halls open in the third quarter, and despite operating hour limitations, was able to boost activity levels and visits month by month. The operator was also able to reopen all its salons in July, in accordance with Spanish national COVID-19 measures.

Sportium’s sports betting retail operations were fully operational in the third quarter and, in conjunction with its online operations, benefited from the return of major sporting events during the period.

Income for the year to date, as of September 30, was €630.9 million, down 45.2% year-on-year, while operating profit dropped by 77.5% year-on-year to €74.9 million.

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